Lenders wrote nine-figure checks in November for the whole lot from multifamily developments to shelters and scholar housing. TF Cornerstone’s recently-completed luxurious Long Island City multifamily development landed the month’s largest deal, a $347 million refi from M & T Realty Capital. Residence initiatives in Lengthy Island Metropolis, Williamsburg and Gowanus additionally pulled in contemporary capital, whereas debt flowed to a shelter-heavy portfolio within the Bronx and Queens and scholar housing in Brooklyn Heights.
Listed here are November’s high 5 outer borough loans.
Malt cash | $347M | Lengthy Island Metropolis
M & T Realty Capital Corporation supplied a $347 million mortgage to refinance TF Cornerstone’s luxurious waterfront Lengthy Island Metropolis condo tower. The mortgage for the 575-unit constructing at 2-20 Malt Drive is backed by Fannie Mae’s Close to Stabilization program, according to M & T. The contemporary financing changed a $307 million mortgage from PNC Financial institution. The constructing is certainly one of two luxurious towers within the Malt Drive advanced, constructed on the previous website of a sugar cane processing facility and beer distribution heart. Facilities embody an outside pool, roof deck and health heart. Leasing for the studio, one- and two-bedroom models launched in 2024.
Lorimer loot | $290M | Williamsburg
Blackstone and Corebridge Financial supplied a $190 million mortgage to refinance the Loketch Group, Joyland Group and Meral Property Group’s new multifamily improvement in Williamsburg. The fixed-rate, five-year, interest-only mortgage for the pair of residential buildings at 268 Lorimer Avenue changed a $172 million mortgage from TPG. CenterSquare supplied $30 million in mezzanine debt. Building on the eight-story, 305-unit improvement on the nook of Lorimer Avenue and Broadway wrapped up a 12 months in the past. Facilities embody a health heart, a lounge and rooftop areas. There are additionally six retail suites and greater than 200 parking areas.
Canalside money | $152M | Gowanus
U.S. Bank National Association supplied a $152 million development mortgage for Monadnock Improvement’s 300-unit Gowanus multifamily challenge. The 22-story improvement at 155 Third Avenue will unfurl alongside the Gowanus Canal, to the west of the canal’s northern finish. It’ll embody 225 market-rate flats and 75 inexpensive models; the event was permitted underneath the 421a inexpensive housing program previous to its lapse. There may also be 30,000 sq. toes of economic area and ground-floor retail, which is able to connect with a deliberate seven-acre esplanade. The event is predicted to be accomplished by the final quarter of 2027.
Gimme shelter | $142M | Queens, Bronx portfolio
JPMorgan Chase supplied a $142 million mortgage for a 5–propery portfolio owned by Sandhu Group. The properties embody two Queens shelter properties at 104-16 Tuckerton Avenue and 95-10 218th Avenue in Jamaica and three Bronx properties – a ladies’s shelter at 1591 East 233rd Avenue within the Eastchester part, an industrial constructing at 4510 White Plains Highway in Wakefield and 2443 Poplar Avenue in Westchester Sq., the place a males’s homeless shelter was deliberate.
Dorm {dollars} | $76M | Brooklyn Heights
Goldman Sachs and Wells Fargo supplied a $76 million mortgage to refinance Hawkins Manner Capital and Värde Companions’ scholar housing advanced at 97 and 119 Columbia Heights in Brooklyn Heights. The contemporary financing for the 99,0000-square- foot buildings replaces a $69 million mortgage from CIM Group. Hawkins Manner purchased the properties in 2017 for $18 million from the Jehovah’s Witnesses and transformed them to scholar housing for St. Francis Faculty. Värde Companions grew to become half proprietor of the property in 2021. The deal is a part of a $430 CMBS mortgage package deal for a portfolio of three scholar housing buildings owned by Värde and Hawkins Manner in New York and Boston.
Learn extra
Loketch, Joyland secure $220M refi of Williamsburg rentals
TF Cornerstone files for climate change additions to LIC project
Monadnock obtains $175M loan for Gowanus multifamily
